Maurice E. Hodgkins and Barbara J. Hodgkins - Page 3

                                        - 3 -                                         


               (4) How much gain did petitioners realize from the sale of             
          real property located at 400 Crow Canyon Drive, Folsom,                     
          California?                                                                 
               (5) Are petitioners liable for the addition to tax for                 
          negligence under Section 6653(a)(1) for 1988?                               
               (6) Are petitioners liable for the addition to tax for                 
          substantial understatement of tax liability under section 6661              
          for 1988?                                                                   
               (7) Are petitioners liable for the accuracy-related penalty            
          under section 6662(a) because of negligence or substantial                  
          understatement of income tax for 1989?                                      
               Some of the facts have been stipulated and are found                   
          accordingly.  The stipulation of facts and attached exhibits are            
          incorporated herein by this reference.  Petitioners, Maurice E.             
          Hodgkins and Barbara J. Hodgkins, resided in Sacramento,                    
          California, at the time they filed their petition.  For                     
          convenience we have divided this case by issues.                            
          1.  Chancery Court                                                          
                                  FINDINGS OF FACT                                    
               While petitioners' names are on the marquee, the leading               
          role in this case was played by petitioner husband's brother,               
          John Hodgkins (John).  They trusted John, and he directed them in           
          their financial affairs, told them which documents to sign, kept            
          their books, and supplied the figures for their tax returns.  And           




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011